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ConocoPhillips is reportedly considering the sale of its oil and gas assets in Oklahoma, US, valued at more than $1bn.
These assets were acquired through the $22.5bn takeover of Marathon Oil in November last year.
The energy company has enlisted Moelis & Co to manage the sale process, although discussions are in the early stages and a deal is not assured, reported Reuters, citing sources.
The assets in question include operations in the Anadarko basin covering approximately 300,000 net acres.
These assets produce around 39,000 barrels of oil equivalent per day (boepd), with roughly half being natural gas.
The sale is expected to attract interest from producers anticipating increased demand for natural gas, particularly for power generation in data centres.
ConocoPhillips and Moelis have declined to comment on the potential sale, the report said.
However, a successful transaction would contribute to ConocoPhillips' goal of raising $2bn by divesting non-core assets.
The company, based in Houston, assumed around $5.4bn of Marathon's debt during the acquisition and has already sold assets worth more than $1bn since completing the Marathon deal.
The Marathon acquisition has expanded ConocoPhillips' presence in key US basins including the Permian, Eagle Ford and Bakken, as well as the Anadarko shale formation and Equatorial Guinea.
In February, ConocoPhillips signed an agreement with Shell Offshore and Shell Pipeline Company to sell a 15.96% working interest in the Ursa platform, pipeline and associated fields in the Gulf of Mexico for $735m (£557.9m).
This transaction will increase Shell’s working interest from 45.39% to a maximum of 61.35%, subject to the decision of other working interest partners.
ConocoPhillips will also sell a 1% interest in the Europa prospect, operated by Shell, and a 3.5% overriding royalty interest in Ursa, acquired through the Marathon Oil merger in November 2024.
"ConocoPhillips to sell Oklahoma oil and gas assets worth more than $1bn" was originally created and published by Offshore Technology, a GlobalData owned brand.
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